The lending program is part of Goldman Sachs 10,000 Small Businesses initiative. Buffet co-chairs the national program with Michael Porter. Both were in Detroit, along with Gov. Rick Snyder, Mayor Dave Bing and several small business owners.

Goldman Sachs is committing $15 million in lending capital to Detroit business owners. The program also provides business support and education. Detroit is the 17th city to be added to the program, which began in 2009.

Goldman Sachs CEO Lloyd Blankfein speaks on a panel during the lunch-in at Eastern Market's Shed 3 after the announcement of a $20 million partnership with Warren Buffet and for the Goldman Sachs 10,000 Small Businesses initiative that will bring money into Detroit to support small businesses in the city with capital, business support and education, Nov. 26. (Tanya Moutzalias | MLive.com)

“With practical business education and capital, small business owners in Detroit have a much better chance of growing their businesses and contributing to the economic recovery of the city,” Blankfein said.

So far, 24 small businesses in Detroit have signed up for the program. Russell Street Deli and Sweet Potato Sensations were highlighted as local merchants already involved. Snyder repeated the website for where small businesses could apply: 10ksbdetroit.com.

Qualifying small businesses for the program would typically have four to 20 employees and have about $150,000 to $200,000 in annual revenue.

"In terms of the number one creator of jobs, it's small business," Snyder said Tuesday at Ford Field. "Over half the jobs in the private sector are in small businesses."